GE Money ppi rebuff

Grin74

Hi Brock, I wasn't saying the advice hasn't been extremely useful and you're right that everyone needs to go into these things and have a balanced view which includes the risks. All I meant is that something constructive on the next steps to take would be useful.

magpiecottage

roonaldo wrote: »

i tried correcting them a few times and now they wont let me post!

That is probably some kind of badge of honour.

Rowlzy

We are in exactly the same position, just the same, it seems standard, letter from them.

Was very disapointed and angry to get the letter, as it seemed there was no option to carry on with the complaint as feedback i have read about the FLA wasnt good. But on the off chance i rang the Financial Ombudsman and got a very helpful and sympathetic gentleman, who said that they would be unable to persue the complaint for us as GE wernt covered by GISC at the time, but he said he would look into it for us and call back. He did just that today and advised me that they could send a complaint on our behalf to the underwriters Pinnacle Insurance, as they WERE covered by GSIC at the time. He said that if Pinnacle decide not to settle that the ombudsman would then carry on with our complaint to the next proceedure.

Ok, we have to wait another 8 weeks for a response, but i feel with the FO backing, these companies might take us seriously instead of fobbing us off with standard letters.

Someone must be held responsible for these companies mis selling products to vulnerable people, they must have made thousands of pounds from people who were already in financial difficulty

I will let you know what happens in our case, and look forward to seeing positive outcomes for all of you

magpiecottage

Okay

You complain to:

Cardif Pinnacle
Pinnacle House
Stangate Crescent
Borehamwood
Hertfordshire
WD6 2XX

Either post it and get proof of posting (free from the Post Office) or fax it to 020 8207 0526

The letter should say

Dear Sirs

COMPLAINT OF PPI MISSELLING

On or about [date] I was sold a Payment Protection Policy from your company by GE Money.

I have now learned that this was missold. However, I am unable to pursue GE Money via the Financial Ombudsman Service because it did not subscribe to the General Insurance Standards Council's Code of Practice.

However, I have learned from the Financial Ombudsman Service that, at the time, your company DID subscribe to the post and therefore was prohibited from accepting business from any intermediary which did not also subscribe.

It therefore follows that either GE Money was acting as your agent and that you are therefore responsible for the sale, OR any losses I have suffered as a result of a missale of your policy would not have occurred if you had not breached the Code.

The reasons I consider the policy to have been missold are:

[Put in the reasons - a single premium added to the loan, if true is likely to result in an uphold either by the firm or by FOS].

I trust you will deal with this in accordance with the current FSA rules for dealing with disputes and look forward to hearing from you within the prescribed time limit.

Yours faithfully

roonaldo

Rowlzy wrote: »

I will let you know what happens in our case, and look forward to seeing positive outcomes for all of you

ive not heard of one being successful yet, others on this forum have had ones with FOS for a couple of years and still waiting.

magpiecottage

roonaldo wrote: »

ive not heard of one being successful yet, others on this forum have had ones with FOS for a couple of years and still waiting.

I have not either but I think that an insurer subscribing to the GISC Code would have to explain why it should not be liable if it accepted business from an intermediary that did not since the Code specifically prohibited it from doing so.

Logically, the only way it could get round that prohibition would be that the intermediary acted as the agent of the insurer (in the legal as apposed to the commercial sense) and not the agent of the consumer.

If a consumer pursued that approach, I think FOS might be persuaded - although they do not seem to be very good on technical arguments these days. Presumably all the best adjudicators have moved on!

gillbrian

hi
we are in similar position to those trying to claim PPI from the underwriter, in our case, Aviva. I had a call from FOS last week to say they are trying to get Aviva to accept responsibility for the mis sale. Our claim has been with the FOS for THREE years this September so hoping there could finally be some light at the end of this long long tunnel. Ours was a single payment of £4,305 on a £25,000 loan back in October 2004. It would be good to keep each other posted on any updates. Not heard of any successes from an underwriter as yet.

dunstonh

I had a call from FOS last week to say they are trying to get Aviva to accept responsibility for the mis sale.

There are certain cases where the underwriter will take responsibility. However, the FOS seem to refer all cases to the underwriters whether it applies or not [if the seller is no longer around]. The majority of these will not see the undewriter have or take responsbility and will be rejected. So, dont get your hopes up with this. It is a possiblity tha may happen rather than a likelihood.

roonaldo

ive seen the FOS refer complaints to the underwriter, the underwriter just forwards it on to the seller and it goes round and round.

jamie-j

My mum took a mortgage out with a diffrent company in 2004, she was making payments on a regular basis, it then got took on by g e money where my mum seems to believe there was a large sum of money added to her sub total, i, now going threw all of her paper work to try and find this misstake, has anyone else found this problem with g e money ?